Frost & Sullivan has signed a Memorandum of Understanding with the Seoul Metropolitan Government (SMG) to support activities such as commercialization, investment promotion, and support for advancement of Fintech startups into the global market.

The formal signing of the memorandum took place at Four Seasons Hotel, Hong Kong yesterday witnessed by the representatives from the Seoul Metropolitan Government, and the Financial Hub Korea, Financial Supervisory Service (FSS). The agreement was signed by Kim Dae Ho, Director, Seoul Metropolitan Government and Shivaji Das, Asia-Pacific Partner in Charge, Frost & Sullivan.

Frost & Sullivan's collaboration with SMG also aims to help startups accelerate the pace of their market commercialization. Under this agreement, Frost & Sullivan will also assist in uncovering potential overseas fintech startups and hold joint events of mutual interest with the Seoul Fintech Lab.

Shivaji Das shared that Frost & Sullivan was well-placed to assist SMG, given the company's strong track record and expertise in Fintech. With its global presence, broad industry coverage and strong business network, the company is able to actively work with other key partners in building a converged development platform that can accelerate new startups towards transformational growth.

"We are honoured to be partnering with the Seoul Metropolitan Government to contribute towards the overall growth of the Fintech ecosystem in Korea. Through our combined efforts, we hope to help drive innovation and help startups develop amidst the rapidly evolving market environment," said Shivaji Das.

Frost & Sullivan works with their clients to execute Fintech projects and have also developed several Fintech-related reports under their global FinVision research subscription incorporating the relevant research from 4 different core groups: Digital Transformation, Banking & Financial Services, Visionary Innovation Group and TechVision.

The Seoul Fintech Lab is an initiative by the Seoul Metropolitan Government to develop the Korean fintech ecosystem by equipping Korean fintech businesses with the necessary skills, knowledge and resources to succeed globally. The lab is also set to be an incubator for new startups.